For NRI, Foreign Companies, Private Limited Companies is considered to be the most suitable type of business that can be incorporated in India. While Private Limited Company needs minimum two shareholders and it can have maximum 200 shareholders, a Public Limited Company should have minimum seven shareholders and there is no limit on maximum number of shareholders. Compliances of a Public Limited Company are more stringent as compared to Private Limited Company, and therefore a Foreign National, NRI or Foreign Company should go for Private Limited Company to start with. Foreign Direct Investment (FDI) is not allowed in other types of businesses like Proprietorship, Partnership Firm and One Person Company while prior approval of RBI is required for FDI in LLP.
A Non-Resident Indian (NRI), means an Indian citizen who left India for education or employment. In other words, an NRI is an expatriate Indian, living in a foreign country. The Income Tax Act defines an NRI as a person who does not reside in India for (1) 182 days in the year preceding the assessment year and (2) 365 days in total in four years preceding the assessment year. The income earned or accrued by non-residents are not taxable in India.
Earlier Investment in LLP by NRI or Foreign Government requires Government approval. Due to this LLP incorporation having involvement of Foreigners/NRIs is a cumbersome task. But now with the relaxation in the FDI norms, LLP can now be formed easily by NRIs and Foreign Nationals.
We at DrCompliance provides dedicated services to our NRI clients. As NRIs always have problems regarding the legal matters relating to company/LLP incorporation, Bank account etc. Here at Drcomplaince we provide steady solutions to all such problems and we also provide Relationship Managers who will always take care of all the compliances to br done by our NRI Clinets.
A PAN is mandatory for every person who is required to file a return, and for those who wish to carry out a financial transaction for which the quoting of PAN is compulsory. An NRI (non-resident Indian) also needs to obtain a PAN if he falls into either of the above categories. The procedure to obtain a PAN is fairly simple and similar across all categories of individuals. However, NRIs need to provide certain documents while applying for a PAN, which are specific to them.
We at Drcompliance help our NRI Clients to Obtain PAN Card, open Bank Account and other necessary ID proofs required to commission business in India.
As NRIs have to do various RBI or FEMA compliances at regular intervals while doing remittances and other related works thereto. NRI always have tough time in complying RBI/FEMA compliances and require some professional. We drcompliance can be their professionals and simplify their RBI or FEMA Compliances.